Board of Trustees News

Health care webinars scheduled for September

OP&F’s health care partner, Aon Retiree Health Solutions, will host webinars Sept. 15-24 to explain health care options for eligible OP&F members, unlike past years, they will be webinars instead of in-person events.

In order to better explain the options available to retirees, the meetings will be split into two sessions, one for Medicare-eligible retirees and one for pre-Medicare retirees. Both Aon and OP&F personnel will be available to answer questions. The dates and information are listed on the Aon website dedicated to OP&F retirees (myexchangeconnection.com/OP-F).

PORTFOLIO UPDATE

OP&F’s investment portfolio value:

  • Current value (8/25/20):$15.7 billion
  • End of May value: $15.5 billion
  • End of April value: $15.1 billion

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

  • DISABILITY: The Committee conducted its scheduled hearings and appeals, which took place in executive session.
  • FINANCE: A representative from RSM, OP&F’s independent auditor, presented the external audit report to the Committee. The audit completed in June did not identify any internal control issues from 2019 and noted that the issues reported in 2018 had been addressed and corrected.
  • GOVERNMENT AFFAIRS AND POLICY: OP&F’s legislative consultant briefed the trustees on news and potential legislation at the Statehouse and discussed possible future legislation concerning OP&F.
  • INVESTMENT: Staff discussed the monthly portfolio performance update and significant cash movements. OP&F investment consultant, Wilshire, presented the initial round of an Asset Only Allocation Study for consideration and discussion. The Committee also discussed the following reports: the second quarter Performance Review, the 2019 Private Investments Status Report, the first quarter Real Estate Performance and Portfolio Review and the first quarter Real Assets Performance and Portfolio Review.

Motions:

At its August 2020 meeting, the OP&F Board of Trustees approved the following motions:

  • Adopted the proposed schedule for the 2020 trustee elections that were postponed due to the coronavirus pandemic, and approved the proposed changes to Administrative Rule 742-2-01, as outlined in staff’s memorandum dated Aug. 25, 2020, and authorized the required filing of the Rule with the proper agencies. Motion passed by unanimous vote (General Counsel).
  • Approved the Administrative Rules outlined in staff’s memorandum dated Aug. 25, 2020, and authorized the required filing of the Rules with the proper agencies. Motion passed by unanimous vote (General Counsel).
  • Accepted the rating recommendations of Investment Staff for OP&F’s private markets investment managers as outlined in Investment Staff’s memorandum to the Board dated Aug. 25, 2020. Motion passed by 7-0 with one abstention (Investment Committee).
  • Accepted the investment manager rating recommendations of Investment Staff for OP&F’s investment mandates with Macquarie, MacKay Shields (Opportunistic High Yield), Harvest, Salient and Tortoise as outlined in Investment Staff’s memos to the Board dated Aug. 25, 2020. Motion passed by 7-0 with one abstention (Investment Committee).
  • Approved staff’s and Wilshire’s recommendation to approve a 5.0 percent gold allocation and a 5.0 percent increase in total portfolio leverage. Motion passed by unanimous vote (Investment Committee).
  • Accepts Townsend’s recommendation to submit a full redemption from Jamestown Premier Property Fund, a partial redemption from Heitman HART ($50 million), and a partial redemption from JPM Strategic Property Fund ($50 million), and turn the dividend reinvestment plan on for Lion Industrial Trust, upon the terms outlined in Townsend’s memorandum dated Aug. 26, 2020 and such other terms that are favorable or protective to OP&F, as determined by the Executive Director. Motion passed by unanimous vote (Investment Committee).
  • Accepted Townsend’s recommendation to adopt the 2020 Real Estate Investment Plan: Mid-Year Update as presented to the Board on Aug. 26, 2020. Motion passed by unanimous vote (Investment Committee).
  • Approved the recommendations for the initial determination of disability for the members as identified in the initial determination hearings list presented to the Board on Aug. 26, 2020. Motion passed by unanimous vote (Disability Committee).
  • Approved the appeal hearings for the members identified in the appeals list presented to the Board on Aug. 26, 2020. Motion passed by unanimous vote (Disability Committee).
  • Approved the waiver of mandatory medical evaluation and filing of annual earnings statements for future years for the members identified in the disability reporting waivers list presented to the Board on Aug. 26, 2020. Motion passed by unanimous vote (Disability Committee).
  • AApproved the recommendations for Death Fund benefits for the members identified. Motion passed by unanimous vote (Disability Committee).
  • Approved the recommendation for Reconsideration for the member identified. Motion passed by unanimous vote (Disability Committee).

NEXT BOARD OF TRUSTEES MEETINGS: Sept. 29-30, 2020

Posted 9/2/2020


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Monthly Board Report

Board of Trustee Elections

In 2020, OP&F will hold elections for three positions on the Board of Trustees; a retired police representative, an active police representative and an active fire representative.

Board and Committee Meetings

OP&F encourages you to come to our monthly board meetings. Board agendas and minutes can be viewed by clicking the link below.

Board Members and Committee Assignments

Please click the links below to view Committee Assignments and Board Members.